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Arrested Development: The 'Ghost Towers' of Tomorrow

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The June issue of The Real Deal is now available, and woo boy, let's just say flipping through it isn't going to bring anyone down off that ledge. The most dramatic tale of all is headlined "New York City's Future Ghost Towers," but unfortunately Patrick Swayze is in no way involved. Nope, TRD's Sarah Ryley notes the nearly empty buildings marking the Las Vegas and Miami skylines and wonders, "Is New York City, late to the real estate downturn that has plagued the rest of the country, due to be haunted, too?" Yes indeed, and though Downtown Brooklyn's Oro is the poor sucker that gets stuck in the visual aid spot (with one sad solitary light on), the accompanying chart (warning: PDF) highlights 23 total projects in some form of jeopardy. One is developer Kent Swig's stalled condo conversion of the Financial District's 25 Broad Street, but that's not necessarily a bad thing, according to one in-limbo tenant:

Rather than sell the debt, Lehman is proceeding in its effort to foreclose on the property. Swig declined to comment on the matter. Meanwhile, the last remaining 10 contract holders are living in the 346-unit building on interim leases. Patricia Bransford, who moved there in November 2007 expecting to eventually close on the apartment, said she doesn't mind living in an empty building because there's never a wait for a treadmill in the gym.Oh, sweet FiDi. It's always the little things.
· New York City's Future Ghost Towers [Real Deal]

25 Broad Street

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